Commercial real estate developer SimonCRE purchased +/-1.26 acres of land at the NWC of 75th Avenue and Loop 101 in Glendale and will build a +/-7,908 SF multi-tenant retail building in the mixed-use center called Aspera at Joy. Prior to closing, SimonCRE locked in signed leases with Starbucks, Herbal Nails & Spa and Fired Pie Pizza. The last space is at lease and the tenant will be announced soon.
The building address is 7510 W. Aspera Blvd. and is located directly off the Loop 101 Freeway, just two miles from Arrowhead Towne Center, which reports as being the 2nd-highest sales per square foot of any regional mall in Arizona.
Kneaders Bakery & Café is located directly to the north and is now open. Mountainside Fitness completed their construction on their 12th location in the Valley located just south of the planned building and is also open. P.B. Bell plans to build a +/-300-unit multi-family complex just west of the site and is scheduled to open in the winter of 2016.
“We are excited to develop this multi-tenant retail building and enjoyed adding these tenants to this successful mixed-used project,” says Joshua Simon, President and Founder of SimonCRE. “After a drought of new construction in the west valley, this project shows that multi-tenant retail is making a comeback.”
Taylor Laing & Teale Bloom of Phoenix Commercial Advisors represented SimonCRE in the $1.1 million purchase from CDG Joy I, LLC. They also represented the seller. Scott Johnson of MKJ Advisors represented Fired Pie, Lance Umble of Phoenix Commercial Advisors represented Starbucks and Jennifer Eggert of Zell Commercial Real Estate Services, Inc., represented Herbal Nails & Spa.
SimonCRE plans to develop over $140 million in retail projects across 10 states in 2016.